Forrest Street Partners Buys 1st Arkansas MHC for $6M
The new owner financed the acquisition of the 255-site Southern Pines with a loan from IberiaBank, public records show.
After expanding in Georgia last year, Forrest Street Partners has made its first manufactured housing community acquisition in Arkansas with the purchase of Southern Pines in Little Rock. Public records show a local private investor sold the 255-site property for $5.7 million. The new owner financed the purchase with a $5.4 million loan from IberiaBank, set to mature in 2024.
Located at 9500 S. Heights Road, the property is less than 2 miles from several grocery stores, some 6 miles from Interstate 30 and roughly 10 miles from downtown Little Rock. At the time of sale, 181 sites were occupied.
Forrest Street Partners intends to implement improvements at the community. The company aims to asphalt all roads at the property, upgrade the office and mail kiosk, pressure wash and re-skirt homes that need updates, as well as add up to 40 new homes. The new owner of the community has plans to fill a number of lots with long-term RV customers working in the proximity.
According to a prepared statement from Forrest Street Partner Todd Baldree, the company already began construction at Southern Pines with paving, office and mailbox improvements. Within the next couple of months, Forrest also intends to update the signage and upgrade the park’s branding.